DA Davidson Has Optimistic Outlook of CATY FY2024 Earnings

Cathay General Bancorp (NASDAQ:CATYFree Report) – Analysts at DA Davidson lifted their FY2024 EPS estimates for Cathay General Bancorp in a research report issued on Wednesday, October 23rd. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $4.02 per share for the year, up from their prior estimate of $4.00. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.02 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2025 earnings at $4.35 EPS.

CATY has been the subject of several other reports. Piper Sandler raised their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. Truist Financial boosted their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Wedbush raised their price objective on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.00.

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Cathay General Bancorp Stock Down 0.2 %

Shares of Cathay General Bancorp stock opened at $45.56 on Friday. The firm has a market cap of $3.32 billion, a PE ratio of 10.08 and a beta of 1.11. The business’s 50 day simple moving average is $43.29 and its 200 day simple moving average is $39.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $46.70.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last announced its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The company had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. During the same period in the previous year, the company posted $1.13 earnings per share.

Institutional Investors Weigh In On Cathay General Bancorp

A number of large investors have recently added to or reduced their stakes in CATY. NorthCrest Asset Manangement LLC raised its position in shares of Cathay General Bancorp by 179.5% in the third quarter. NorthCrest Asset Manangement LLC now owns 49,688 shares of the bank’s stock valued at $2,134,000 after purchasing an additional 31,912 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Cathay General Bancorp by 12.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,399 shares of the bank’s stock valued at $1,890,000 after acquiring an additional 4,855 shares during the period. Pure Portfolios Holdings LLC bought a new stake in shares of Cathay General Bancorp during the third quarter worth approximately $6,271,000. CWM LLC grew its position in shares of Cathay General Bancorp by 19.9% in the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock valued at $65,000 after purchasing an additional 252 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Cathay General Bancorp by 24.9% during the third quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock worth $66,000 after purchasing an additional 305 shares during the period. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling

In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the sale, the chairman now owns 149,566 shares in the company, valued at $6,699,061.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.76% of the stock is currently owned by corporate insiders.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were paid a $0.34 dividend. The ex-dividend date was Thursday, August 29th. This represents a $1.36 annualized dividend and a yield of 2.99%. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 30.09%.

Cathay General Bancorp Company Profile

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Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.

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Earnings History and Estimates for Cathay General Bancorp (NASDAQ:CATY)

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